Amigo In The News

How checking your credit score can leave you in the red

But watch out for the high monthly fees charged by major credit reference agencies such as Experiean and Equifax - which could cost you up to £180 a year.

It is all for a service that can be had for FREE, says Martin Lewis of MoneySavingExpert. He explained:

"These companies have taken advantage of people, particularly those who are about to get a mortgage and their desperation, to charge very high fees for credit monitoring services. There are now plenty of free services available."

The fees usually kick in after a 30-day free trial of the service - which lets you look at the same information loan companies use to check on you - has expired. Customers have complained they have been lured in by a free trial and then hit with fees after forgetting to cancel.